5th Mar 2015 10:12
LONDON (Alliance News) - Rolls-Royce Holdings PLC Thursday said its Industria de Turbo Propulsores SA joint venture will supply the British engine maker with turbines for future civil large engines in addition to its existing range of products, under a revised shareholder agreement with joint venture partner Sener Grupo de Ingenieria SA.
Rolls-Royce has a 46.9% stake in the joint venture that was created in 1989 and a subsidiary of Sener holds a 53.1% stake. Under the revised shareholder agreement, the stakes will remain the same, but Rolls-Royce said the deal ensures security of supply of turbines and the continued access by Rolls-Royce to relevant Industria de Turbo Propulsores engineering and research and development capabilities.
The venture provides high technology products and services to the aircraft and industrial engine market throughout the entire product life cycle. Its activities cover the design, research, development and manufacturing, as well as the assembly and testing, of aircraft engines. The venture participates on all of Rolls-Royce's existing Trent engine programmes through risk and revenue sharing agreements.
The chief financial officer of Industria de Turbo Propulsores is jointly appointed by Sener and Rolls-Royce, while Sener has the right to appoint the chief executive.
By Steve McGrath; [email protected]; @stevemcgrath1
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